NEW YORK (GenomeWeb News) – Med BioGene late Friday reported that it cut its second-quarter net loss 17 percent due to a decreased R&D spending.
The Vancouver, British Columbia-based molecular diagnostics firm reported no revenues for the quarter.
Its net loss dropped to $616,733, or $.02 per share, compared to a loss of $741,421, or $.03 per share, for the second quarter of 2007. “The decrease was a result of reduced stock-based compensation expenses and reduced laboratory supply expenses partially offset by increased business development costs as MBI continues to develop and execute upon its commercialization strategy,” the firm said in a statement.
MBI’s R&D expenses fell to $261,101 from $399,867 year over year, while its general and administrative costs inched up to $336,207 from $326,020 in the second quarter of 2007.
The firm is gearing up for the launch of LungExpress Dx, a gene expression-based prognostic test for lung cancer, which it hopes to market in 2009.
MBI finished the quarter with $397,079 in cash and cash equivalents.